Housing Wire
JULY 28, 2023
High mortgages and stubbornly elevated home prices are worsening the housing affordability crisis. A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% from a year ago, according to a new report from Redfin. In June, the typical starter home sold for a record $243,000, up 2.1% from a year earlier and up more than 45% from before the pandemic.
Sacramento Appraisal Blog
JULY 26, 2023
It’s either hot or cold. A bidding war or crickets. That’s what I’ve been hearing from real estate agents about their listings. Today I want to talk briefly about the word on the street, hot pockets, and I have some really cool stats to share. Skim quickly or digest slowly by topic. UPCOMING (PUBLIC) SPEAKING […] The post It’s either a bidding war or crickets first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
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Real Estate News
JULY 28, 2023
Nashville tops the list of cities with "just right" homes with ample square footage and big yards near urban centers.
George Dell
JULY 26, 2023
Is USPAP biased? (Appraisal Foundation, Uniform Standards of Professional Appraisal Practice) Is this possible? It can’t be! This part 8 of a multipart look at issues in valuation standards. Editor’s Note: This is Standards, part 3.8 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Let’s […] The post Does USPAP Enable Bias?
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Housing Wire
JULY 28, 2023
Outsiders to the real estate industry may assume that the tight market has real estate agents hanging up their hats. In reality, today’s agents are seizing the market and feeling confident. Real estate agents are still confident in the industry and the market. Even as the housing market comes down from its COVID-19 pandemic highs, there are houses to be sold and deals to be made.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Real Estate News
JULY 28, 2023
The system of sellers funding commissions, which are then shared between seller and buyer agents, goes back more than 100 years. Is it time for a change?
Inman
JULY 28, 2023
Bryan Knisley previously ran his own brokerage and completed stints at RE/MAX and Keller Williams. He's bringing 27 agents with him to eXp, according to the company.
Housing Wire
JULY 28, 2023
JPMorgan Chase will buy nearly $2 billion worth of mortgages to grease Banc of California ‘s purchase of PacWest Bancorp , Bloomberg reported. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet. Banc of California and PacWest announced on Tuesday an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets.
The Appraiser Coach
JULY 25, 2023
When the pandemic hit us full force in 2020, business skyrocketed. We had never been busier! If I had tried to do everything the same way I.
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Real Estate News
JULY 27, 2023
The property management platform RentSpree is seeing an uptick in real estate agent customers as for-sale inventory remains limited.
Inman
JULY 28, 2023
The suit accuses now ex-CEO Mike Mercurio of using association credit cards for personal purchases, inflating his vacation time and selling items that the association paid for on eBay.
Housing Wire
JULY 28, 2023
Mauricio Umansky ‘s residential brokerage The Agency is venturing into core services. Through partnerships with Bubble Insurance Solutions and New American Funding , real estate agents at The Agency will have access to mortgage lending services and insurance services for their clients. With Bubble Insurance Services, The Agency is launching its own affiliate insurance service, Agencia Insurance Solutions , which will serve new and past The Agency clients in California and Arizona.
Eyes on Housing
JULY 25, 2023
Higher interest rates have led millions of existing homeowners with mortgages under 4% to postpone plans to list their homes for sale, and for many prospective buyers, that supply vacuum has left newly built homes as the only game in town. That is the backdrop behind the strengthening of interest for new homes.
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Real Estate News
JULY 27, 2023
The 30-year fixed-rate mortgage rose to 6.81% this week as the Fed raised its benchmark rate to the highest level since 2001.
Inman
JULY 27, 2023
Former Keller Williams CEO Chris Heller previously served as OJO's chief real estate officer. Jerimiah Taylor, formerly a vice president at OJO, will step into Heller's previous role, the company said.
Housing Wire
JULY 27, 2023
When you think about a real estate team , you automatically think they must be more productive than individual agents, right? Not so fast. Clearly, over the last decade, teams have grown far faster than individual agents in terms of closed transactions. This is not unexpected, as teams have the ability to scale their business far easier and faster than an individual agent.
Eyes on Housing
JULY 28, 2023
After a reprieve in the first quarter of 2023, buyers’ outlook for housing affordability turned bleaker again in the second quarter. According to the latest Housing Trends Report, 76% of buyers are able to afford less than half the homes for-sale in their markets, up from 73% in the first quarter of 2023. On the flip side, the share able.
Real Estate News
JULY 26, 2023
Realtracs CEO Stuart White believes the MLS landscape could look very different in a post-"cooperation and compensation" future.
Inman
JULY 27, 2023
With 30 years of experience at some of the world's most recognizable brands, the newly-minted Better Homes and Gardens Real Estate president spoke to Inman about settling into her new role.
Housing Wire
JULY 27, 2023
After a year’s worth of warnings about a recession, Federal Reserve chair Jerome Powell said Wednesday that the central bank’s staff no longer forecasts a nationwide economic downturn. It’s welcome news for the economy to achieve a soft landing, a scenario in which inflation falls, unemployment remains relatively low and a recession is avoided.
Eyes on Housing
JULY 24, 2023
Mortgage rates’ slow –but steady– march upwards combined with the return of home price gains are doing what they are predicted to: slow housing demand. According to the latest Housing Trends Report, the share of adults with plans to purchase a home within a year dropped to 15% in the second quarter of 2023, down from a record high of.
Real Estate News
JULY 26, 2023
Prices also fell slightly, nearly closing the gap between new and existing home prices.
Inman
JULY 27, 2023
Meet the expert speakers joining us at Inman Connect who specialize in customer experience, branding and marketing strategies for real estate.
Housing Wire
JULY 27, 2023
The Federal Reserve , Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. If implemented, the changes will affect the mortgage industry–and trade groups are already coming out in opposition to the new regulation.
Eyes on Housing
JULY 27, 2023
Increased levels of new home construction and sales are leading some buyers to expect the home search to get easier in the months ahead. According to the latest Housing Trends Report for the second quarter of 2023, 29% of prospective buyers are anticipating housing availability to ease up ahead, an improvement over the 24% and 26% who had similar expectations.
Real Estate News
JULY 25, 2023
The Case-Shiller index for May shows steady home price growth since January and a slight dip compared to this time last year.
Inman
JULY 27, 2023
Are you ready to do what it takes to build the real estate business of your dreams? Jimmy Burgess offers advice to help you stand out.
Housing Wire
JULY 27, 2023
After dropping slightly month over month in May , pending home sales ticked back up in June, rising 0.3%, according to data released Thursday by the National Association of Realtors (NAR). It contrasts with new home sales , which moderated in the same period (-2.5%). Year over year, pending home sales were down 15.6%, a smaller decrease than the 22.2% annual drop recorded in May.
Eyes on Housing
JULY 28, 2023
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in June. The pace of personal income growth slowed after reaching a 0.7% monthly gain in January 2023. Gains in personal income are largely driven by increases in wages and salaries.
Real Estate News
JULY 27, 2023
The 0.3% gain is the first increase in four months, NAR reported, suggesting that “the housing recession is over.
Inman
JULY 27, 2023
With the gross domestic product eclipsing expectations in 2Q, the US appears to have avoided a long-predicted recession, even as the real estate industry remains mired in a deep contraction.
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